Almost $90 million has been allocated for the upcoming financial year to begin the implementation of the technology with a further $2 million allocated for a trial and pilot program.

Treasurer Jackie Trad said she expected the change in ticketing to contribute to an increased amount of public transport fares.

"We know that when we make public transport more convenient, more people get on board," she said.

"Part of that is making paying for a fare easy and accessible."

Ms Trad said that while a final design for the project was yet to be decided on, it would be aimed at giving commuters "more flexibility" when it came to ticketing options.

The move would not signal the end of the Go Card or physical ticket for casual users.

"New technologies including using wearable devices, your smart phone or credit and debit cards to pay for public transport are all on the table in addition to the existing go card and paper ticket options," she said.

"We are finalising a global procurement process and expect to be able to announce the successful proponent in the near future.

"The project will then move into the design and implementation phase, with a trial of the new system to roll out during 18/19."

The majority of the funding for the new program is expected to roll in during 2019-20, with $104 million allocated towards the project along with a further $176 million over the following two years.